5 Habits of the Rich that Help Them Get Richer (June 2020)

5 Habits of the Rich that Help Them Get Richer (June 2020) 5 Habits of the Rich that Help Them Get Richer in 2020 Image Source: iStockWhat  is the secret to becoming rich and successful? The sharp and snappy answer is: by behaving in the way that so many rich and successful people do. It‘s hard work, but thankfully, many of the world’s wealthiest people are pretty open about their processes. Here are just 5  habits of the rich for your considerationâ€"the simple things that the most successful people do, which keep repaying. (adsbygoogle = window.adsbygoogle || []).push({}); 1. They’re  Risk-Takers Image Source: Amazon“You miss 100 percent of the shots you don’t take.”Wayne GretskyThe  vast  majority of  people are risk averse. But, as the words of Canadian ice hockey legend Wayne Gretzky, demonstrate, successful people are the opposite. That’s why risk-taking is probably the most common of the habits of the rich and successful.Rich people  look for risk because  risk provides the greatest excitement and can hold the greatest awards.  They are preternaturally alert to opportunitie s for growing their  business.However, because failure comes with the territory in business, their risks will almost always be calculated.The ‘all or nothing’ approach tends to be adopted  at  the beginning of an entrepreneur’s meteoric ascent, because… well… when you have nothing you have nothing to lose.Later, they will rarely expose themselves to a risk that will threaten their overall business.Recommended case study: Bill Gates â€" “To win big, sometimes you have to take big risks. Big bets mean big failures as well as successes.” Check Price 2. They’re  Self-Improvers Image Source: Amazon“With the right motivation, you can get fantastic education cheaply or even for free, in the real-world.”Author  Michael Ellsberg  wrote those words after spending two years researching and writing his book The Education of Millionaires, based on the stories of people who did not finish colleague but educated themselves in “street-smart skills” and became millionaires an d billionaires.Noticeably prominent among  the habits of the richâ€"especially those who have either flunked or failed their high school or higher level educationâ€"is their tendency towards sustained  self-improvement.They tend to use cash money not to purchase statement tokens of successâ€"big cars, big houses, etcâ€"but to buy books, instructional videos, online courses of education, that will enable them to be better at what they do. This is otherwise known as “investing in yourself”.Successful people tend to use cash money to purchase not  statement  tokens of successâ€"big cars, big houses, etcâ€"but on books, instructional online videos, tech items, that will enable them to be better at what they do. This is otherwise known as “investing in yourself”. It’s low-scale, low-risk investment, with immediate pay-offs. You can’t lose.Recommended case study: Business 101: A reading list for lifelong learners, a fantastic TED guide to the best business reads, organised int o foundation books, current needs, and big picture economics. Buy  The Education of Millionaires here (adsbygoogle = window.adsbygoogle || []).push({}); 3. They’re Strategic Networkers Image Source: Amazon“To the wealthy, relationships are like gold. It is the currency of the wealthy.”Tom CorleyAs author Tom Corley points out in his book, Rich Habits: The Daily Success Habits of Wealthy Individuals, one of the most common habits of the rich is networkingâ€"specifically, they enjoy networking  with their role models or others who have a level of success they aspire to.So,  for those who may be a little shy or backward about self promotion, networking should be regarded as another necessary form of risk-taking. And those who feel they don’t  have sufficient  time  should  make someâ€"networking  is just another form  of the self-improvement that is so marked  among successful people.Networking is simply the best proven method of  building a contact circle of like-minded asso ciates.  Wealthy people understand the “birds of a feather” principleâ€"that you should surround yourself with successful people if you want to be successful.Corley finds that 79% of wealthy people spend at least five hours a month networking â€" whether it’s at a conference, client event, online webinar, or just over coffee â€" while only 16% of poor people network consistently. This allows the wealthy to align their mindsets with others who have achieved success. Check Price Other recommended case studies:  See also this  brilliant animated lesson  created for EdTED by business writer Lisa Green Chau.Video Source: YouTube4. They’re Early Risers Image Source: AmazonGetting  up early is one of the most common habits of the rich. It’s also such a  frequently repeated piece of advice from  successful people  that it surely has the status of a business non-negotiable.Not only does it make you feel as happier;  it also clears a space for you to think about the day ahead, and t o set your priorities.Also  common to just about all millionaire leaders is not just the early morning start, but also the early morning ritual.Mornings for successful  people often involve consciously healthy breakfasts,  pre-dawn workouts, bike rides or newspaper/email catchups, before hitting the office at consistently the same time, usually no later than 8.30am.Rich people don’t waste timeâ€"and that means any time. Set your alarm earlier, and get an early morning routine.Recommended case study:  Indispensable in clearing a path to this habit is the 30-day programme laid out in Andy Traub’s fantastic The Early to Rise Experience. Also, look into the story of  Brad Lande, head of Birchbox Man. Early mornings for Lande were like pulling teeth in the early days. But over the years he  implemented a successful five-step routine. Check Price (adsbygoogle = window.adsbygoogle || []).push({}); 5. They  Review  Their  Targets Image Source: Amazon“If a goal is worth having, it’ s worth blocking out the time in your day-to-day life necessary to achieve it.”Jill KoenigRich  people’s primary motivation is a long-term goal, and everything they do in the short- and medium-term is undertaken in the service of attaining that long goal.The words of wisdom by Self-made millionaire and noted goal strategist Jill Koenig’s words of wisdom are what this is is all aboutâ€"the importance of dedicating time every day to doing what you have to in order to move towards your long-term goal.They set about closing in on that long-term goal by intense forensic focus on short- and medium-term objectives, which they will write, review and rewrite on a daily basis.Everything on those lists will be deliberately actionable, and the day-to-day activities of the entrepreneur or career professional will be directed into the processes that bring these objectives to fruition.Long-term success might be seen as the  aggregate of a carefully planned and completed succession of short- and medium-term tasks.It will not always be possible to complete 100 percent of your projected tasks every single day, and that’s  why it’s  vital to always be conscious of what those tasks are, and what stage they are at, at any given time.Daily debrief, review, adjustment and recalibration of your  short-term ‘to do’ lists is  an essential strategic undertaking. So mark it up today as one of the proven habits of the rich. It is like a  navigation chart towards your ultimate objective.Recommended case study: Dave Ramsey’s best-selling  EntreLeadership  is essential  reading, based on more than two decades of Ramsey’s experiences in business. He shares his wisdom in simple, step-by-step fashion, so the book is indispensable in helping you to set, review and achieve your goals and targets. Check Price